CRGB Officers' Organisation

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Mobile Banking- RBI Increased Limit.

Posted by Satyajit on December 25, 2009 at 9:30 AM

Mobile Banking Transactions in India


The RBI vide its circular "RBI/2009-10/273DPSS.CO.No.1357/02.23.02/ 2009-10 dated December 24, 2009 has now permitted the Banks to offer this service to their customers subject to a  daily cap  of Rs 50,000/- per customer for both funds transfer and transactions involving purchase of goods and /or services. At present, such transactions are subject to separate caps  of Rs 5000/- and Rs 10000/ -respectively.


Banks are now permitted to provide fund transfer services which facilitate transfer of funds from the accounts of their customers for delivery in cash to the recipients. The disbursal of funds to recipients of such services can be facilitated at ATMs or through any agent(s)  appointed by the bank as business correspondents


Banks are to carry out proper due diligence of the persons before appointing them

as authorized agents for such services, and the Banks shall be responsible as principals for all the acts of omission or commission of their agents.

 

Now where do we stand..? Ponder over it with regards to The RRBs, specially DRGB, where we have to seek permission every time for every tit and bit from DENA BANK.


A word of caution- just yesterday there was a news on NDTV India about a fraud using the stolen sim / duplicate sim of a lady customer in Pune, the amount were withdrawn using the Duplicate sim and transferred to some other Accounts.


Please be very sure to use all the precautions while using the technology, like clearing your Mobile Cache every time, changing the password frequently, using alpha-numeric passwords of atleast 6 characters and in any event of such kind, e.g. losing your mobile, be promt to inform the Bank immediately and get your facility suspended.


Please give your views and comments.


Wishing you all a very wonderful year End and Even a Better New Year


Until next time

Ciao

Satyajit

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